A magnetoresistive element (magnetoresistive effect element) has a spacer layer between two magnetic layers. A magnetoresistive effect is generated by a change in a relative angle between magnetization directions of the two magnetic layers. Examples of the magnetoresistive element include a tunnel magneto-resistance effect element (TMR: Tunneling Magneto Resistance) having an insulating spacer layer and a CPP-GMR element (Current Perpendicular to plane-Giant Magneto Resistance).